The IRS 'No Tax on Tips' rule under the One Big Beautiful Bill Act provides a tax deduction for qualified tips, helping ...

Joy Taylor: The tips deduction begins to phase out at modified AGI over $300,000 for joint filers and $150,000 for other filers. More specifically, the write-off is reduced, but not below zero, by ...

IRS: The IRS is introducing Schedule 1-A for 2025 tax returns, offering new deductions for qualified tips, overtime pay, car ...

Congress did not simply extend the Tax Cuts and Jobs Act provisions starting in 2026 with the One Big Beautiful Bill Act; it also modified some of those provisions effective in 2025.

Taxpayers face a learning curve for figuring out how key tax deductions in the mega tax bill will work when they file 2025 ...

The final regulations are similar to the proposed regulations issued in January, with some changes that the IRS said were made in response to comments.

Quarterly estimated tax payments apply to individuals and businesses whose income is not fully covered by withholding.

The IRS says it is seeing “repeated instances” of taxpayers claiming Form 7202, even on income earned as an employee and not as a self-employed person. “Since 2022, the IRS has seen a surge in ...

Plus: A look at Form W-2 changes, private equity is eyeing your retirement accounts, protecting students from back-to-school scams, football news, tax trivia and more.

There will be no changes to Form W-2 for the tax year 2025, even though some of the new provisions, including those new, temporary deductions, take effect in 2025. The IRS has previously said that the ...